The global ICD-10 market was estimated to be worth US$ 18.78 billion in 2022, and over the forecast period, it is anticipated to expand at a CAGR of 10.0%. The estimated value of the global market in 2032 is US$18.78 billion. Market expansion is being driven by the expanding need for a standard language in medical documentation to simplify hospital billing procedures.
A new system called the International Classification of Diseases (ICD) -10 was introduced by the World Health Organization in October 2015. (WHO). It categorises and keeps track of diseases, their symptoms, as well as the origins of injuries and unusual findings. ICD-10 categorises diseases using codes.
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Competitive Landscape
The World Health Organization (WHO) is the only organisation that develops and publishes ICD-10 codes, and government organisations and other regulating bodies use the system.
Some of the main strategies used by these market leaders for ICD-10 to gain a competitive edge include client involvement through long-term contracts and building regional presence.
Recent Occurrences
- Cooperation
To create a better credentialing programme for dental-to-medical cross-coding and billing, Innoventrum and Dental Medical Billing joined forces in January 2021. Candidates in the programme can earn certifications in nine fields, such as CBCT coding and reimbursement, sleep apnea, oral surgery, and dental implants.
- In response to COVID-19, Aidéo Technologies said in April 2020 that it would offer healthcare organisations and revenue cycle management firms free access to their AI-enabled medical coding engine Gemini AutoCode.
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Global ICD-10 Market: Drivers and Restraints
ICD-9 was modified, and ICD-10 was developed, in response to the need for quality measurement and the decrease of medical errors for patient safety. Compared to ICD-9-CM’s 14,000 codes, ICD-10-CM has 69,000 diagnosis codes. This better encapsulates the problem’s specifics. In contrast to ICD-9, which featured a small number of combination codes, ICD-10 offers a huge number of combination codes.
Second, demand for ICD-10 is also fueled by the requirement for a significant volume of medical data for clinical research. It is simple to extract information for clinical research now that everything is available in one location.
Global ICD-10 Market: Key Players
The World Health Organization (WHO) is the sole developer and publisher of ICD-10 codes, while the system is adopted by government agencies and other regulating bodies.
The report covers exhaustive analysis on
- Global ICD-10Market Segments
- Global ICD-10Market Dynamics
- Historical Actual Market Size, 2012 – 2014
- Global ICD-10Market Size & Forecast 2015 to 2025
- Supply & Demand Value Chain
- Global ICD-10 Market Current Trends/Issues/Challenges
- Technology
- Value Chain
- Global ICD-10 Market Drivers and Restraints
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Global ICD-10 Market: Market Segmentation
Segmentation on basis of type:
- ICD-10-CM (Clinical Modification)
- ICD-10-PCS (Procedure Coding System)
Segmentation on basis of End-user:
- Healthcare providers
- Coders
- IT professionals
- Insurance carriers
- Government agencies
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